The way the Greek sovereign-debt crisis unfolded itself shows a winding dark path to pitfall.
The more likely outcome of a long agony dragging a country of +11m down the road of despair is shrouded in thick layers of cynicism, delay and uncertainty.
The only known quantity that stands out is one of doom and gloom beyond anything that might have been conjured up as recently as last year.
The more likely outcome of a long agony dragging a country of +11m down the road of despair is shrouded in thick layers of cynicism, delay and uncertainty.
The only known quantity that stands out is one of doom and gloom beyond anything that might have been conjured up as recently as last year.
Where is Greece and the larger Euro zone heading for?
Is anybody, from top politicians to top economists, truly able to answer that one question?
Is anybody, from top politicians to top economists, truly able to answer that one question?
Apparently not.
No matter how highly qualified and opinionated, every written or spoken argument exchanged so far only adds to the mess already created.
Proposals put forward to eventually arresting the Greek crisis look like the lesser evil among others.
A cycle of negativity has set in that promises to further undermine the future of the Euro zone-17, particularly the threesome of highly indebted nations with sluggish near-term growth prospects at best.
No matter how highly qualified and opinionated, every written or spoken argument exchanged so far only adds to the mess already created.
Proposals put forward to eventually arresting the Greek crisis look like the lesser evil among others.
A cycle of negativity has set in that promises to further undermine the future of the Euro zone-17, particularly the threesome of highly indebted nations with sluggish near-term growth prospects at best.
How then to break free from the shackles of adding debt to pay for debt while economies go into free fall?
For Greece and Portugal multiple negative factors have lined up simultaneously to make a bad situation even worse:
high commodity prices, high interest rates (with the ECB aiming to raise them further), an undisturbed Euro riding high on the strength of growing economies to the north, a direction-less EU no longer focused on set collective goals, etc.
In Portugal's case add political limbo to all of that at least until the next - hopefully strong - administration takes over.
high commodity prices, high interest rates (with the ECB aiming to raise them further), an undisturbed Euro riding high on the strength of growing economies to the north, a direction-less EU no longer focused on set collective goals, etc.
In Portugal's case add political limbo to all of that at least until the next - hopefully strong - administration takes over.
The EU, the ECB, the European Commission do not seem to lead whatever. All look perilously flimsy at the mercy of events they do not remotely control.
It is as if events force themselves in after protracted painful process.
Then only institutions grudgingly adapt to them, when left optionless.
It is as if events force themselves in after protracted painful process.
Then only institutions grudgingly adapt to them, when left optionless.
We may still see the day that the ECB is made to change how it views the restructuring of Greece's burdensome debt.
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